I just don't even see the reason for the rankings even existing. That is my biggest problem with them. The only use i can see is for seeding at major events which causes teams like Switzerland (or wales if there was a euro's or WC next month) to be over valued and cause potential groups of death because of it whilst creating incredibly soft groups as a result the other way.
Not sure what the alternative is. Wouldn't want Blatter and his cronies exchanging wads of cash for rankings, so it has to be something mathematical.
There are always going to be teams out of place in the short run, but it seems find and much more sensible than giving a top ranking to Russia or Qatar as hosts.